Equity
NORGAD has made a profit without a break since 2021.
The dashed line is the sector median: 0.4% across 26,895 companies (NACE 46, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro). It does better than 24% of them on solvency, 53% on liquidity, 33% on profitability and 74% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 4,107 companies had the same profile as NORGAD has now. Each dot stands for 11 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NORGAD itself is higher: 5.1% within 12 months. It rests on far more data about NORGAD than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,107 companies, not a prediction for NORGAD. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Short-term debt is 1% and cash 0% of total assets. 89.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 48 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| NORGAD Brussels | €0.8m | -€3,781 | 10.4% | - |
| SLB BELGIUM Brussels | €1.5m | -€5,246 | 5.4% | - |
| WOODINC Retie | €0.4m | -€34,689 | 14.6% | - |
| THOVAC INVEST Zottegem | €0.3m | -€23,324 | -24.4% | - |
| M-DOORS Schoten | €0.3m | -€100,494 | -39.0% | 0.3 |
| EU-TIMBER Menen | €0.5m | -€66,042 | 39.9% | 1 |
| SPECIAL-BEER Liège | €0.2m | €901 | -46.9% | - |
These companies have the same main activity as NORGAD: wholesale of timber (NACE 46832). They are comparable in size and age: total assets between €210,000 and €1.5m, founded between 2008 and 2020.
NORGAD files the micro format. That format states no turnover. The gross margin fell from €2,164 in 2015 to -€3,781 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 7 November 2026.
Turnover: not included in this filing.
Higher than 28% of 15,427 companies in 2024.
Higher than 44% of 14,105 companies in 2023.
Higher than 44% of 14,945 companies in 2024.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
758,307 | 2.6m | 1.2m | 194,466 | 106,192 | 372,277 | 138,686 | 82,676 | 78,178 | 88,650 | |
29/58 |
758,307 | 2.6m | 1.2m | 194,466 | 106,192 | 372,277 | 138,686 | 82,676 | 78,178 | 88,650 | |
3 |
357,010 | 206,741 | 317,741 | 55,896 | 15,921 | - | 97,275 | - | - | 30,924 | |
30/36 |
357,010 | 206,741 | 317,741 | 55,896 | 15,921 | - | 97,275 | - | - | 30,924 | |
40/41 |
401,032 | 2.4m | 860,174 | 128,509 | 61,314 | 370,865 | 2,863 | 79,665 | 31,386 | 4,303 | |
40 |
401,032 | 2.4m | 855,431 | 124,188 | 57,422 | 367,418 | - | 77,392 | 29,729 | 3,766 | |
41 |
- | 5,624 | 4,743 | 4,321 | 3,892 | 3,447 | 2,863 | 2,274 | 1,658 | 537 | |
54/58 |
265 | 43,592 | 7,196 | 9,973 | 28,901 | 1,385 | 38,549 | 3,011 | 46,791 | 53,420 | |
490/1 |
- | 88 | 88 | 88 | 56 | 27 | - | - | - | 4 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
758,307 | 2.6m | 1.2m | 194,466 | 106,192 | 372,277 | 138,686 | 82,676 | 78,178 | 88,650 | |
10/15 |
79,239 | 67,261 | 54,237 | 41,067 | 29,773 | 32,091 | 32,648 | 28,752 | 24,412 | 20,004 | |
10/11 |
20,900 | 20,900 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | |
100 |
- | - | - | - | - | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | |
13 |
- | - | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,000 | |
130/1 |
- | - | 1,900 | 1,900 | 1,900 | - | - | - | - | - | |
130 |
- | - | - | - | - | 1,900 | 1,900 | 1,900 | 1,900 | 1,000 | |
1311 |
- | - | 1,900 | 1,900 | 1,900 | - | - | - | - | - | |
14 |
58,339 | 46,361 | 33,337 | 20,167 | 8,873 | 11,191 | 11,748 | 7,852 | 3,512 | 4 | |
17/49 |
679,067 | 2.5m | 1.1m | 153,399 | 76,419 | 340,186 | 106,038 | 53,924 | 53,765 | 68,647 | |
17 |
671,665 | 646,970 | 197,125 | 60,888 | 67,381 | - | - | - | - | - | |
178/9 |
671,665 | 646,970 | 197,125 | 60,888 | 67,381 | - | - | - | - | - | |
42/48 |
7,402 | 1.9m | 933,836 | 92,511 | 9,037 | 340,186 | 106,038 | 53,924 | 53,765 | 68,647 | |
44 |
- | 1.9m | 906,477 | 87,947 | 37 | 269,508 | 47,449 | - | 9,355 | 36,760 | |
440/4 |
- | 1.9m | 906,477 | 87,947 | 37 | 269,508 | 47,449 | - | 9,355 | 36,760 | |
45 |
7,402 | 22,049 | 27,359 | 4,564 | 9,000 | - | 17,565 | 1,481 | 4,391 | 215 | |
450/3 |
7,402 | 4,049 | 7,859 | 3,064 | - | - | 1,065 | 1,481 | 1,391 | 215 | |
454/9 |
- | 18,000 | 19,500 | 1,500 | 9,000 | - | 16,500 | - | 3,000 | - | |
47/48 |
- | - | - | - | - | 70,678 | 41,024 | 52,443 | 40,020 | 31,671 | |
| Income statement | |||||||||||
76A |
310,420 | - | - | - | - | - | - | - | - | - | |
9900 |
-3,781 | 31,092 | -1,833 | 12,738 | 1,109 | 11,537 | -1,573 | 22,925 | 4,484 | 2,164 | |
630 |
- | - | - | - | - | - | - | - | - | 1,042 | |
640/8 |
968 | 384 | - | - | - | - | - | - | - | - | |
9901 |
-4,748 | 30,707 | -1,833 | 12,738 | 1,109 | 11,537 | -1,573 | 22,925 | 4,484 | 1,122 | |
75/76B |
45,855 | 114,049 | 74,382 | 2,712 | - | - | 7,802 | - | 3,852 | 1,077 | |
75 |
45,855 | 114,049 | 74,382 | 2,712 | - | - | 7,802 | - | 3,852 | 1,077 | |
65/66B |
25,788 | 127,683 | 54,584 | 1,093 | 3,426 | 12,094 | 1,268 | 17,104 | 2,537 | 980 | |
65 |
25,788 | 127,563 | 54,584 | 1,093 | 3,426 | 12,094 | 1,268 | 17,104 | 2,537 | 980 | |
66B |
- | 120 | - | - | - | - | - | - | - | - | |
9903 |
15,318 | 17,073 | 17,965 | 14,358 | -2,318 | -558 | 4,961 | 5,821 | 5,799 | 1,219 | |
67/77 |
3,339 | 4,049 | 4,794 | 3,064 | - | -0 | 1,065 | 1,481 | 1,391 | 215 | |
9904 |
11,979 | 13,024 | 13,171 | 11,293 | -2,318 | -557 | 3,896 | 4,340 | 4,409 | 1,004 | |
9905 |
11,979 | 13,024 | 13,171 | 11,293 | -2,318 | -557 | 3,896 | 4,340 | 4,409 | 1,004 | |
| Appropriation of the result | |||||||||||
9906 |
58,339 | 46,361 | 33,337 | 20,167 | 8,873 | 11,191 | 11,748 | 7,852 | 4,412 | 1,004 | |
14P |
46,361 | 33,337 | 20,167 | 8,873 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | 900 | 1,000 | |
6920 |
- | - | - | - | - | - | - | - | 900 | 1,000 | |
| Document | |||||||||||
The notes to these accounts have 1 item. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 30-09-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 30-09-2025 | 2025-00516934 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00360483 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00461731 | |
| 31-12-2021 | full format | 25-07-2022 | 2022-20222841 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-59800144 | |
| 31-12-2019 | full format | 27-11-2020 | 2020-72400177 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56800244 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-50200119 | |
| 31-12-2016 | full format | 20-07-2017 | 2017-34300368 | |
| 31-12-2015 | full format | 30-08-2016 | 2016-53100501 |
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | 2,164 | ||
| - | - | - | - | - | - | - | - | - | 2,045 | ||
| -43,327 | 36,396 | -2,777 | -18,929 | 27,516 | -37,163 | 35,537 | -43,780 | -6,629 | - | ||
| 750,905 | 714,231 | 251,362 | 101,955 | 97,155 | 32,091 | 32,648 | 28,752 | 24,412 | 20,004 | ||
| 10.4% | 2.6% | 4.6% | 21.1% | 28.0% | 8.6% | 23.5% | 34.8% | 31.2% | 22.6% | ||
| - | 1.38 | 1.27 | 2.10 | 11.75 | 1.09 | 1.31 | 1.53 | 1.45 | 1.29 | ||
| 54.21 | 1.27 | 0.93 | 1.50 | 9.99 | 1.09 | 0.39 | 1.53 | 1.45 | 0.84 | ||
| 8.57 | 37.88 | 20.85 | 3.74 | 2.57 | 10.60 | 3.25 | 1.88 | 2.20 | 3.43 | ||
| 15.1% | 19.4% | 24.3% | 27.5% | -7.8% | -1.7% | 11.9% | 15.1% | 18.1% | 5.0% | ||
| 1.6% | 0.5% | 1.1% | 5.8% | -2.2% | -0.1% | 2.8% | 5.2% | 5.6% | 1.1% |
EBIT margin: not included in this filing.
A ratio outside any meaningful range has been withheld (balance sheet total €758,307, equity €79,239).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2024 is a loss of €4,748, after a profit of €30,707 in 2023. It is the lowest result since 2015.
Debt's share of the balance-sheet total falls from 97.4% to 89.6%. Equity is higher and debt is lower.
NORGAD has no parent and no holdings in its annual accounts. MOHAMED GAD EL MAWLA MOHAMED Khaled is the only director. NORGAD shares no director with another company.
| WATERSTONE'S BOOKSELLERS BELGIUM
registered office since 01-04-1965 · founded in 1968 |
13 FTE (2025) 0403.540.685 |
| ZILIKA
registered office since 02-10-2023 · founded in 2023 |
total assets €16,421 (2025) 1000.573.707 |
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Adolphe Maxlaan 71 registered office 1000 Brussels | ||
| Grasmarkt 36 1000 Brussels | 20-02-2015 | 2.239.392.676 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21802B1228/00E000 | 350 m² | 1 · 351 m² | 18.1 m · 4 |
| 21802B0142/00E000 | 336 m² | 1 · 336 m² | 25.3 m · 7 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
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